Tag: jobless rate

US employment increased at a solid pace in July while wages rose at a faster-than-expected clip, consistent with sustained labour demand that's at the root of renewed momentum in the economy. The unemployment rate unexpectedly dropped to 3.5%, one of the lowest in decades.Still-healthy job and income gains point to an economy capable of weathering a period of rapid interest-rate increases aimed at thwarting high inflation. That's also contributing to renewed confidence among consumers, which may bode well for spending and growth. That said, pay growth has been...